Northern Trust Corporation to Webcast First Quarter 2026 Earnings Conference Call and Annual Meeting of Stockholders Mar 24, 2026 3:55 PM Eastern Daylight Time Northern Trust Corporation to Webcast First Quarter 2026 Earnings Conference Call and Annual Meeting of Stockholders About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded ...

Invesco KBW Bank ETF ( KBWB ) for many does not need any explanation. And I too, in fact, when I think of an ETF that describes the systemic banking sector, I immediately think of this one. And I doFinancial Serenity is a financial analysis and quantitative research column with a particular focus on the asset management sector. It is actively managed by Tommaso Scarpellini, a seasoned financial researcher and data analyst with proven experience in banking and financial analytics platforms. This initiative a ...

THE ETHEREUM FOUNDATION IS DEPLOYING MILLIONS IN DEFIThe Ethereum Foundation just deposited $7.88M of ETH to Steakhouse, a billion dollar DeFi asset manager. The EF previously deposited $5M to Steakhouse approximately 5 months ago.The EF still holds over $400 MILLION of ETH. Are they finally getting involved with DeFi? ...

Two of Britain’s biggest asset managers are buying UK government bonds, convinced the market has misjudged how the Bank of England will respond to the war in the Middle East https://t.co/XLjbyoF9kL ...

Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) decreased by 1.2% in Q4 2025 from $24.3 billion to $24 billion, while total discretionary AUM increased by 3% year-over-year from $23.3 billion to $24 billion [3] - Total AUM decreased by 1.6% in Q4 to $37 billion but increased by 2% year-over-year from $36.5 billion, with no revenue effect [4] - Revenue for Q4 was $32 million, with a reported consolidated net loss of $0.1 million [11] - For the full year, revenue increased by 1.3% year-over-year, driven by market appreciation in discretionary AUM, partially offset by net client outflows [13] Business Line Data and Key Metrics Changes - Organic new client accounts added in Q4 amounted to $124.5 million, bringing the total for the year to $688.3 million, indicating strong client acquisition [3] - Compensation and benefits expense for Q4 increased by 12.1% year-over-year, primarily due to merit-based increases and new hires [11] Market Data and Key Metrics Changes - The firm ranked 6th in Nasdaq eVestment's Q4 2025 brand awareness rankings among mid-sized firms, reflecting growing recognition of its institutional capabilities [6] Company Strategy and Development Direction - Silvercrest is focused on significant strategic investments to promote growth across multiple fronts, particularly in intellectual capital and headcount [5] - The firm is expanding its international business development efforts, with professionals now in London and Australia, and is creating an Australian investment trust and a UCITS vehicle in Europe [6][7] - The company expects to receive regulatory approval to operate in Europe through its new Dublin office by Q2 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision and investment plans, anticipating that these will bear fruit with patience [43] - The firm expects to see significant flows from its global and international strategies in 2026, with a potential for multiple billions of dollars in AUM [26] Other Important Information - Total compensation and benefits expense for the full year was $83.9 million, representing 67% of revenue, compared to 62% in 2024 [8] - The company repurchased approximately $50.4 million worth of shares, with a new share repurchase program of $25 million announced in May 2025 [9][17] Q&A Session Summary Question: Current AUM in global and international strategies - The company currently has over $2 billion across global and international strategies, with strong performance and a robust pipeline expected to yield significant flows in 2026 [22][23] Question: Future compensation ratio expectations - The compensation ratio is expected to remain elevated due to ongoing hiring and investment in growth, with historical ratios around 54%-56% [31][32] Question: Thoughts on future buybacks - The company is open to considering further buybacks, emphasizing the importance of returning capital to investors while also managing equity awards [37][38]

Core Viewpoint - BNP Paribas has announced its 2030 Strategic Plan for its Asset Management platform, aiming to double pre-tax income by 2030 and achieve a 13% Return on Tangible Equity by 2028 [1][6]. Group 1: Strategic Growth and Financial Goals - The Asset Management platform now manages over €1.6 trillion in assets, with a diversified mix across strategies and distribution channels [2]. - The 2030 plan is built on four strategic growth pillars, targeting approximately €350 billion in cumulative net inflows by 2030 [6]. - The financial trajectory from 2025 to 2030 includes a revenue CAGR of approximately +4%, driven primarily by an increase in assets under management (AuM) and synergies [6]. Group 2: Operational Efficiency and Synergies - The plan anticipates generating around €150 million in revenue synergies and approximately €400 million in cost synergies by 2029 through platform convergence and operational efficiencies [3]. - Operating expenses are projected to remain flat between 2025 and 2030, with the cost/income ratio improving to below 60% by 2030 [6]. Group 3: Technological Advancements - The deployment of AI across the investment and servicing value chain is expected to enhance technological and client-servicing capabilities, improving scalability and performance [4]. Group 4: Leadership and Market Position - BNP Paribas Asset Management aims to strengthen its leadership in Alternatives, scale Active Management, accelerate ETF development, and expand partnerships in Insurance and Institutional sectors [6]. - The company is positioned to connect savers and investors with opportunities in the real economy, focusing on delivering sustainable results while financing economic transitions [5][7].

分组1 - Preferred stocks are viewed as equity-like assets with competitive distribution despite criticism for not generating excess value compared to equities [1] - Financial Serenity is a financial analysis and quantitative research column focused on the asset management sector, managed by a seasoned financial researcher [1] - The initiative aims to provide in-depth analysis of the dynamics driving the asset management market, combining data analysis with actionable opinions and ratings on ETFs and trending instruments [1] 分组2 - The mission of the initiative is to deliver valuable, data-driven perspectives to help investors make informed decisions in the evolving asset management market [1]

Financial Data and Key Metrics Changes - The company reported record revenues of $193.6 million for Q4 2025, a 27% increase year-over-year [3] - For the full year, revenues reached $730.2 million, up 28% from 2024, with earnings before tax of $160.6 million [4][17] - Adjusted EBITDA was $459 million, reflecting a 16.6% increase from $393.7 million in the prior year [4][32] - Average lease portfolio utilization increased to 85% from 83% in 2024 [5] Business Line Data and Key Metrics Changes - Core lease rent revenues were $291.6 million, with interest revenues of $14.1 million, driven by an increased total portfolio size of $3 billion [17] - Maintenance reserve revenues were $232 million, an 8.4% increase from 2024, with long-term maintenance reserves rising to $44.5 million [18][19] - Spare parts and equipment sales to third parties increased significantly to $95.5 million from $27.1 million in 2024 [19][20] - Maintenance services revenue grew to $25.5 million, up from $24.2 million in 2024, despite a decline in fleet management business [21][22] Market Data and Key Metrics Changes - The aviation market remains engine-centric, with over 600 aircraft grounded due to engine issues, impacting operational capabilities [6] - The outlook for engine shop visits is strong through the mid-2030s, with expected increases in maintenance for newer engine types [6][12] Company Strategy and Development Direction - The company is expanding its focus through Willis Aviation Capital, which includes discretionary fund management and asset management for investors [8][10] - A $600 million fund with Liberty Mutual Investments and a $1 billion+ fund with Blackstone Credit & Insurance have been established to support growth [9][34] - The strategy aims to increase return on equity through fee income and to pursue larger transactions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the aviation market's strength and the company's ability to generate cash flow [4][36] - The decision to cease the sustainable aviation fuel project was made due to a lack of competitive advantage in that space [15] - The company is well-positioned to manage collateral in loans due to its leasing business model [11] Other Important Information - The company returned $8.7 million to shareholders in the form of common dividends, maintaining a recurring dividend of $0.40 per share [35] - General and administrative expenses increased to $194.7 million, primarily due to personnel costs and share-based compensation [26] Q&A Session Summary Question: Plans for seeding the Blackstone portfolio - Management indicated a small seed portfolio will be moved into both Blackstone and Liberty Mutual, with most assets expected to come from market origination [39] Question: Competitive advantages in sourcing engines - Management highlighted strong relationships with OEMs and successful origination strategies as key competitive advantages [43] Question: Leveraging the Blackstone investment - Management confirmed that the $1 billion+ figure includes leverage on assets, and they plan to structure debt financing similarly to past practices [48] Question: Long-term maintenance revenue dynamics - Management acknowledged the lumpiness of long-term maintenance reserves and indicated that future earnings could be significantly higher if engines were returned [52] Question: Share repurchase views - Management clarified that while there may be opportunities for share repurchases, the focus remains on growth across all fronts [56] Question: Update on insurance claims related to Russia - Management confirmed ongoing insurance claims but could not provide detailed information at this time [58]

Financial Data and Key Metrics Changes - The company reported record revenues of $193.6 million for Q4 2025, a 27% increase year over year [3] - For the full year, revenues reached $730.2 million, up 28% from 2024, with earnings before tax of $160.6 million [4][17] - Adjusted EBITDA was $459 million, reflecting a 16.6% increase from $393.7 million in the prior year [4][32] - Average lease portfolio utilization increased to 85% from 83% in 2024 [5] Business Line Data and Key Metrics Changes - Core lease rent revenues were $291.6 million, with interest revenues of $14.1 million, driven by an increased total portfolio size of $3 billion [17] - Maintenance reserve revenues were $232 million, an 8.4% increase from 2024, with long-term maintenance reserves rising to $44.5 million [18][19] - Spare parts and equipment sales surged to $95.5 million, compared to $27.1 million in 2024, with a significant increase in gross margin [20] Market Data and Key Metrics Changes - The aviation market remains engine-centric, with over 600 aircraft grounded due to engine issues, impacting maintenance and operational capabilities [6] - The outlook for engine shop visits is strong through the mid-2030s, particularly for GTF and LEAP engines [6] Company Strategy and Development Direction - The company is expanding its focus through Willis Aviation Capital, which includes discretionary fund management and asset management for investors [8][10] - A $600 million fund with Liberty Mutual and a $1 billion fund with Blackstone Credit & Insurance have been established to support growth initiatives [9][34] - The company aims to increase return on equity through fee income and carried interest while pursuing larger transactions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the aviation market's strength and the demand for leasing and services solutions [4][6] - The decision to cease the sustainable aviation fuel project was made due to a lack of competitive advantage in that space [15] - The company is well-positioned to manage collateral in loans due to its leasing business model [11] Other Important Information - General and administrative expenses increased to $194.7 million, primarily due to personnel costs and share-based compensation [26] - The company recognized a $43 million gain from the sale of its subsidiary, Bridgend Asset Management Limited [30] - The effective tax rate for the year was 29.2%, with a cash tax payment of $3.4 million due to depreciation tax shields [31] Q&A Session Summary Question: Plans for seeding the Blackstone portfolio - Management indicated a small seed portfolio will be moved into both Blackstone and Liberty Mutual, with most assets expected to come from market origination [39] Question: Competitive advantages in sourcing engines - Management highlighted strong relationships with OEMs and successful origination of high-volume, low-price assets as key competitive advantages [43] Question: Leveraging the $1 billion investment - Management confirmed that the $1 billion figure includes leverage on assets, and they plan to structure debt financing similarly to past practices [49] Question: Maintenance reserve liability and long-term maintenance revenue - Management acknowledged that long-term maintenance reserve revenue is lumpy and will normalize over time, with an increase in maintenance reserve liability noted [52] Question: Share repurchases and asset-light model - Management clarified that they prefer to describe the company as asset-medium and will continue to pursue growth across all fronts, including potential share repurchases [56]

Financial Data and Key Metrics Changes - The company reported record revenues of $193.6 million for Q4 2025, a 27% increase year over year, and full-year revenues of $730.2 million, up 28% from 2024 [3][4] - Earnings before tax for the year reached $160.6 million, with adjusted EBITDA of $459 million, reflecting a 16.6% increase from $393.7 million in the prior year [4][16] - Average lease portfolio utilization increased to 85% from 83% in 2024, with an average lease rental factor exceeding 1% per month [5] Business Line Data and Key Metrics Changes - Core lease rent revenues were $291.6 million, and interest revenues were $14.1 million, driven by an increased total portfolio size of $3 billion at year-end 2025 [16] - Maintenance reserve revenues for the year were $232 million, an increase of 8.4% from 2024, with long-term maintenance reserves associated with engines coming off long-term lease rising to $44.5 million [18] - Spare parts and equipment sales to third parties increased significantly to $95.5 million from $27.1 million in 2024, driven by a 44.4% increase in spare parts sales [19] Market Data and Key Metrics Changes - The aviation market remains engine-centric, with over 600 aircraft powered by GTF engines grounded due to technical issues, while the outlook for engine shop visits remains strong through the mid-2030s [6] - The company noted robust demand for maintenance checks in the European market during the winter season, with a focus on supporting leasing companies and airlines during the summer [14] Company Strategy and Development Direction - The establishment of Willis Aviation Capital aims to accelerate growth in assets under management and services businesses, with a focus on deploying capital into discretionary funds [7][10] - The company has formed partnerships with Liberty Mutual and Blackstone to support its fund business, which will enhance competitiveness in financing aircraft engines [8][9] - The decision to cease the sustainable aviation fuel project reflects a strategic focus on areas where the company has a stronger competitive advantage [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term demand environment for the business model, citing the need for engine leasing and repair services as critical to maintaining operational fleets [6][11] - The company anticipates continued growth in maintenance reserve revenues as the portfolio expands, despite the lumpiness of long-term maintenance revenue [50] - Management highlighted the importance of maintaining a strong cash flow while returning capital to shareholders through dividends [5][34] Other Important Information - The company reported a maintenance-adjusted market value of its portfolio exceeding book value by approximately $700 million, excluding potential future end-of-lease payments [24] - General and administrative expenses increased to $194.7 million, primarily due to personnel costs and share-based compensation [25][26] - The company recognized a $43 million gain from the sale of its subsidiary, Bridgend Asset Management Limited, to its joint venture [29] Q&A Session Summary Question: Plans for seeding the Blackstone portfolio - The company has a small seed portfolio intended for both Blackstone and Liberty Mutual, with most assets expected to come from market origination [37] Question: Competitive advantages in sourcing engines - The company maintains strong relationships with OEMs and has a successful track record in acquiring high-volume, low-price assets through various programs [41] Question: Leveraging the Blackstone investment - The company indicated that the $1 billion figure includes leverage on assets, and it plans to structure debt financing similarly to past practices [46] Question: Maintenance reserve liability and long-term maintenance revenue - Management acknowledged the lumpiness of long-term maintenance revenue and noted that the increase in maintenance reserve liability reflects future earnings potential [50] Question: Share repurchases and asset-light model - The company clarified its position as "asset-medium" rather than asset-light, emphasizing the continued importance of owning assets on the balance sheet [54] Question: Insurance claims related to Russia - The company confirmed ongoing insurance claims related to assets in Russia, expressing confidence in recovery outcomes [56]